Certified Financial Planner Glenn Downing

Trust in a time of uncertainty

Fiduciary- noun- a person who holds assets in trust for a beneficiary.

I had an appointment with a Certified Financial Planner. Representing a publication in Miami that provides news to a quarter million people in our South Florida Community each month, I was seeking to become up-to-date with how the recent events in our nation's economy were affecting South Florida's.
I had learned an acquaintance was a “financial professional”. I asked him for his number, and requested an interview. After checking his busy schedule, he agreed to meet with me at 9am on a chilly Tuesday morning . Finding myself on Alhambra Circle in Coral Gables, sitting in my car, looking up at the Monolithic SunTrust building, I felt, well, intimidated.
Financial advice? I had what the comedian known as Father Guido Sarducci referred to in a routine known as “the One Minute University Finance Degree”. In the skit, the comedian joked that he could give someone a degree in one minute by teaching them the equivalent of what a typical college graduate remembers ten years after graduating from a typical college. To earn a Degree in Business at his “One Minute University” all you needed to know was, “Supply and Demand”. To earn a degree in History, all one needed to know was when the war of 1812 occurred. To earn a degree in Finance, it was “Buy low, sell high”.

Fiduciary- noun- A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit.

Having lived in and around New York City for the better part of 31 years, entering a skyscraper was a common event. As I entered the SunTrust edifice, it occurred to me that it had been at least twelve years since I had the experience. The seamless stone, metal, and tile lobby, with a central front desk in front of a bank of elevators was, again, intimidating.
Having ascertained that the company he represents in Miami - NL Financial Alliance - was on the fifth floor, I climbed aboard the lift, along with a deli delivery person, pressed “5”, and took a deep breath
Just as I stepped out of the elevator, the man I came to see was there to greet me. Glenn Downing is one of those fortunate individuals that will always look ten years younger than he really is. Tall and wide shouldered, he welcomed me with his warm smile. His large hand gave me a firm handshake. The dark eyebrows on his youthful face belie the silver hair which places him firmly in middle age.

Fiduciary- noun- The person who manages , for the benefit of others, investments. Legally obligated to protect the assets in the best interest of those for whom they act.

Downing asked me to follow him, greeted with a smile the receptionist who returned the favor to us both, and wound his way back to his office with me in tow. After offering a seat, he sat down, gave me his business card, and asked “What can I do to help”?
Glenn is also one of those fortunate people who look good in black. Dressed in pressed slacks, shined shoes, and a polo shirt sporting an embossed emblem, he leaned back in his chair. When I asked about the emblem, he told me that it was from the Financial Planning Association, a trade group of CFP® practitioners, licensees, and designees. The group holds its members to a code of ethics. Standards to be met by its representatives include those of Integrity, Objectivity, Competence, Fairness, Confidentiality, Professionalism, and Diligence (for more information, go to fpanet.org).
I asked Downing what the title beneath his name on his card, “Certified Financial PlannerTM” signified. He went on to explain that Certified Financial PlannerTM, or CFP® licensee, is the highest designation one can ascribe to in the Banking, Brokerage, and Insurance industries.
Equity Services Inc., the “clearing firm” name that appears as well on his card, is the company that conducts the transactions between Glenn, his loyal clients, and those who are referred to him.
A college degree is necessary to be considered for the licensing process. Glenn achieved a Masters in Business Administration or, MBA, from the University of Connecticut (UConn).

Fiduciary- noun- One who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care that we all owe one another as human beings

He explained to me that he chose to be the kind of CFP® designee that would require his obtaining what is known as a “Series 7” license (a license a stockbroker requires). He was quick to point out that some CFP® practitioners offer “advice only” services and for them, a Series 7 license is not required.
His University credentials, years of professional experience, and hours and hours of study, led him to take a two day, 10 hour course. Over 45% of the professionals who qualify up to that point, still fail this last accreditation process. Downing passed with his first try.
A visit to the cfp.com website, will tell you that the mission of Certified Financial PlannerTM Board of Standards, Inc. is to benefit the public by granting the CFP® practitioners certification and upholding it as the recognized standard of excellence for personal financial planning.

fiduciary- adjective- The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal.

When I asked if he was an agent, Downing shook his head, said no, then took the time to explain the differences. An agent, I was told, represents companies who develop financial products, then sells them for a commission. A CFP® licensee represents the client, acting as a broker between the client, and the Clearing Firm that does the transaction, who also acts as the regulatory authority.
But the real difference between a CFP® designee and an agent, Glenn told me, is the nature of the relationship with the client. That relationship is described as fiduciary, small f, an adjective. Fiduciary with a capital F, noun, is reserved for those whose titles are traditionally that of Warden, Trustee, Executor and Guardian. He further explained that because of the fiduciary nature of the relationship between the CFP® practitioner and his or her client, the designation carries with it the absolute highest level of customer care.
All transactions having to do with securities or insurance have to meet a standard known as the principal of “suitablility”. Downing applies this standard of suitability to his clients investments by matching the products that he helps them own to their “investment goal horizon”. Unlike a mere agent, the CFP® licensees motives and advice - as well as their application of the “suitablility” standard to the transactions they conduct - comes under the scrutiny of both the Clearing Firm, in Downing’s case, Equity Services Inc., as well as Financial Industry Regulatory Authority, or FINRA.
And it must meet the definition of fiduciary.
For example, Glenn, as a CFP® designee strictly practices the principal of Confidentiality. Let’s say a friend of his wife Joyce became a client. Due to the fiduciary nature of his professional status as a CFP® practitioner he is unable even so much as to suggest that they are “doing good”.

Fiduciary- adjective- A relationship which implies a position of trust or confidence wherein one is usually entrusted to hold or manage property or money for another.

As our time together was winding down, I asked “how business was” since the economic downturn. He explained that he was not affected by the financial crisis, because his CFP® practitioner services did not change. The clients who use them have not changed their investment model, one that stresses income diversity.
This much I can say about Glenn Downing. One of the finest people I know, whose character and comportment are above reproach, a person of whom I consider to be the best kind of person on this planet, trusts Glenn Downing, designated as a Certified Financial PlannerTM.
After meeting with him in his office, my feeling of intimidation was replaced by that of confidence.
And trust.
That is why he has earned, not only the respect and admiration of the business community in South Florida, and the confidence of his clientele, but also the Highest Industry Designation of CFP® practitioner.
But the highest title Glenn Downing has earned is that which describes his relationship to the many valued clients and their families that he serves, fiduciary.
No more is needed to say.

fiduciary- adjective, definition, trustworthy, synonymous with credible, authentic, reliable, tried

To contact Glenn Downing, email downing_glenn@nlvmail.com